Hersha Hospitality: 2Q Earnings Snapshot
HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Harrisburg, Pennsylvania, said it had funds from operations of $36.9 million, or 86 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 74 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $6.5 million, or 16 cents per share.
The hotel real estate investment trust posted revenue of $133.8 million in the period, missing Street forecasts. Nine analysts surveyed by Zacks expected $135.6 million.
The company’s shares have increased 27 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $22.17, a climb of 22 percent in the last 12 months.